. it's 30 days and counting until we go over the fiscal cliff. >> the president is demanding higher tax rates. congressional republicans want deeper spending cuts and entitlement reform. will they make a deal before we bring in the new year with a round of tax increases for all of us? we will ask the two men at the center of the negotiations where we really stand. for the president, treasury secretary timothy geithner. for the gop house speaker john boehner. geithner and boehner only on fox news sunday. plus, we've seen this movie before. the two parties edging closer and closer to the brink. we will ask our sunday panel whether we will get a happy ending or an economic disaster. and our power player of the week. a young beauty queen has to make a tough choice. all right now on fox news sunday. >> hello again from fox news in washington. well, we had quite a day around here friday with talks to avoid the fiscal cliff deadlock, and everyone saying the other side is to blame, pressure secretary geithner scheduled a ground of interviews. then friday afternoon, speaker boehner's office called to say he wanted t

white house, we will go over the fiscal cliff. >> if you read though, the boehner proposal carefully, no tax rate increases, which we know is a nonstarter for the president. so where does that leave us? john avlon is here to help us read through the lines of the deal, also crunch some of those numbers. first, we're talking about the $800 billion figure. that's in the letter that john boehner wrote to the president. break that down for us. >> that's right. there is no numbers breaking that down. it's a where's the beef question. bumper sticker, we have the numbers but no details. boehner's aides will say that's where the negotiations come in. the devil's in the details. they'll say look, to achieve these revenue increases by closing deductions and loopholes. in the letter boehner sent, he says they may be able to lower some rates based on comments made by erskine bowles. >> i think for folks especially we're left to wonder. some analysis shows it's possible. >> i think for folks especially the middle class, they're trying to figure out the math. those deductions and loopholes, do they actually dig into the

up. >>> and does the white house think that falling off the fiscal cliff is a better option than compromising on tax rate increases? we will hear exclusively from treasury secretary tim geithner right here on "closing bell." maria and i look forward to seeing you at the top of the hour from right here at the new york stock exchange. meantime, back to you guys. >> bill, thank you, sir. >>> time now for today's edition of "where in the world is john mcafee." last time we spoke to him he said he was in belize. now we know he is in guatemala. robert frank, yet another strange twist to what's turning out to be the strangest story of the year. >> yeah, it really is. he picked a good country to go to. guatemala does not like belize. they've had a long-time territorial dispute about territory in southern belize. and he went to the border. he's hired an attorney. he says that he's seeking political asylum. i'm not quite sure whether he'll be granted political asylum. not sure what the ground will be. he's seening help from the u.s. state department on that issue. but he has turn what initially started as a murder investiga

going to keep fighting. i have to leave it there. president obama says no deal on the fiscal cliff. >> how does raising tax rates on the rich help the poor. that is what i don't get. true free market capitalism helps everybody. a rising tide lifts all boats. i'm laugrry kudlow we will be right back. two years ago, the people of bp made a commitment to the gulf. bp has paid over twenty-three billion dollars to help those affected and to cover cleanup costs. today, the beaches and gulf are open, and many areas are reporting their best tourism seasons in years. and bp's also committed to america. we support nearly 250,000 jobs and invest more here than anywhere else. we're working to fuel america for generations to come. our commitment has never been stronger. >> whow does taxing the rich hep the poor rise above poverty and get a job? let's talk to larry elder. he is the author of the great book, "dear father dear son". welcome back. how does taxing successful wealthy people help the poor get out of poverty. well for people who think like i think it doesn't make any sense. but understand something, that is not what th

four-year low. the timing is interesting, obviously, just as we're learning that fiscal cliff negotiations are now a party of two, the president and the speaker. the "new york times" reporting that house speaker john boehner wants to speak only to president obama out of public view. though we've just learned that boehner is holding a news conference at 11:00 this morning eastern time. the fight, though, still very public. vice president joe biden is meeting with a middle class family. and yesterday president obama met with a virginia family. tax hikes for the rich are nonnegotiable. >> just to be clear, i'm not going to sign any package that somehow prevents the top rate from going up for folks at the top 2%. but i do remain optimistic that we can get something done that is for families like this one. >> joining me now is barry, msnbc political contributor and editor for grio. hello, guys. >> perry, i'm wondering if these new unemployment numbers add to the president's leverage? >> i think they do. the big thing is the election. but the jobs numbers suggest that the economy is

the fiscal cliff, what do you have to lose, the rates are going to go up. i don't think it makes any difference two tim geithner says. >> it is so widely held by so many who want to play the stock market, let's say, beyond just the capital gains, whether it's in taxable account organization not and it also has the psychological impact that this is the one that i'm going to get out of because i'm afraid of what's coming in general? >> this is the stock, yes, it's cheap, now once it goes down, we have a million reasons, well, it's a nokia phone, well, it's china. ipad miniis available. this is a stock that's so widely owned. it reminds me of sirius satellite. every doctor, every dentist owns apple. they don't know the price per share, they just know it is the proxy for the market. >> they just accelerated dividends. but i think we're talking now 150 companies in some fashion have accelerated or put forward a special dividend. you put forward a special market share, china is 76, with the market share at least. >> is it a disappointment that apple did not pay a special dividend? is that

fiscal cliff which he says congress and the president must address. he says because we're at the zero balance, interest rates were zero, the effect of the fiscal cliff is getting much worse than if the fed were not at zero. >> because they could do something. >> the only positive thing which dudley did not talk about but it is something that's on the radar is that, as the fiscal cliff fears rise, interest rates fall on the 10-year. so the effect the fed would have from easing is already in -- already happening as a market reaction. >> steve, thank you. >>> when jeff kilburg is not fired up about the irish he is fired up about what mr. dudley said today. why? >> absolutely. he came out with very dovish comments. he lass a permanent vote and he is quite the confidant of ben bernanke. so he flat-out gave a wink-wink, there's something big coming in less than two weeks. >> he's been a dove for a long time though. no change but just to hear it articulated gives you some sense of -- >> it does. this could be a one-two punch. if the fomc comes out with additional measures, subsequent week later, all of a sudden they hav

>> chris: i'm chris walls wallace, 30 days and counting, until we go over the fiscal cliff. ♪ >> chris: the president is demanding higher tax rates. congressional republicans want deeper spending would you tell us and entitlement reform. will they make a deal before we bring in the new year with a round of tax increases for all of us? we'll ask the two men at the center of the negotiations, where we really stand. for the president, treasury secretary timothy geithner, for the g.o.p., house speaker john boehner. geithner and boehner, only, on fox news sunday. >>> plus we have seen this movie before. the two parties edging closer and closer to the brink. we'll ask our sunday panel whether we'll get a happy ending for an economic disaster. >>> and our power player of the week, a young beauty queen has to make a tough choice, all, right now on fox news sunday. ♪ >> chris: and, hello again from fox news in washington. well, we had quite a day around here, friday. with talks to avoid the fiscal cliff deadlock and everyone saying, the other side is to blame, treasury secretary geithner scheduled a round of interviews, then, friday afternoon, speaker

the fiscal cliff, to the democrats. here is what they considering, not only letting the top rate rise or finding an equal amount of taxes in other areas that would be the same effect. they considering a doomsday plan where house republicans would vote "present" on a bill that only extends the middle class tax cuts escaping blame for tax hikes on the 2 percent and wall street bigwigs are throwing in the towel and now calling the president's plan to hike taxes to the tune of $2.16 trillion double what originally called, credible. pore like incredible if you ask my next guests who are livid. michelle, what happened? >>guest: well, there is a reason why for some long the republicans are nicknamed the stupid party and the democrats are the evil party. there have been so many times the narrative that has been repeated over and over again where the republicans capitulate and rollover. what voters who did vote for house republicans to maintain their majority need to ask, and ask very loudly, what part of the mandate you did get this past november said rollover? or said give up? or said surren

first time they've talked in a week about the fiscal cliff. i am told, though, that there was no real progress in negotiations. in this sense there was no breakthrough on that central point of tax rates. as you know, president obama insists there is no deal unless the gop agrees to raise rates on the top 2% of earners. the gop says that's a nonstarter. and the two men have not moved from that basic position. now, all of this comes at the same time treasury secretary geithner also said for the first time the administration would be willing to go over the fiscal cliff if the gop does not agree to raise those rates. this was treasury secretary geithner earlier today on cnbc. >> is the administration prepared to go over the fiscal cliff? >> oh, absolutely. there's no prospect to an agreement that doesn't involve those rates going up on the top 2% of the wealthiest. all those americans, too, get a tax cut on the first $250,000 of their income. so, in some sense it's a tax cut for all americans. >> reporter: bottom line, anderson, we're talking today but still at stalemate. >> yeah, i mean, it's a sign, jessica and dana, of just how lack -- how little progress there's been that a phone call is

weighing in on the fiscal cliff debate and the idea of raising tax rates for the wealthy saying we need to make poor people richer, not rich people poorer. soledad. >> that's the kind of thinking that will get you votes, right? >> all right. thanks, zoraida. >> new york city police could be close to charging a suspect in that fatal subway push. they say a man is now being questioned and has implicated himself in this case. a front page "new york post" photo has become the source of a lot of controversy. it shows the victim desperately trying to climb up from the tracks as the train approaches. this morning we're hearing that the photographer has said some things in his own defense. cnn's mary snow has more on this report. >> [ bleep ] alone. take your [ bleep ] over there. >> reporter: why exactly these men were fighting is unclear. but moments after this video obtained by the new york police was record 58-year-old ki-suck han whose face is obscured, was pushed on to the tracks, police say, by the man yelling at him. subway barreling through the station killed han with horrified onlookers

habits react to this. we heard the warnings of the so-called fiscal cliff and how it could damage the question. why are we in the situation. they agreed to extend it for two years. the rates expire on january 1st for everybody . in 2011, the president enacted a pay roll tax holiday . that goes away january 1st . deep spending cuts over the raising of the ceiling. they're designed to be painful and a way to force compromise and cut spending in congress. what is next. we may get an idea tomorrow morning. chris wallace will sit down with key players . an exclusive interview with house speaker john boehner . check for when fox news airs in your mexico is swearing in a new president hours ago . people are rioting in the streets over the news and questions about what it means for the relationship between the u.s. and mexico. 46 year old taking the oath of office promising a national transformation and a new program to prevent crime. as we reported over the yoors, 60,000 people have died in the drug war in mexico. it means a return to the pri party. that party was voted out of office after years of corand various other crime. some people in mexico city are protesting at this hour and c

investment bank should do is solve financial problems for people. with things like the fiscal cliff coming up and a radical change in tax rates and possible future growth rates, i just think there are going to be lots of decisions that need to be made. lots of interesting decisions that aren't just m&a. corporate boards need advice on that. i'm optimistic it will be a decent year. >> we hope to visit you during that year. thank you. >> back to you, melissa. >>> news for investors out there. let's send it to mary thompson for a market flash. >> cnbc obtaining a notice that the company is raising margin requirements for apple to 60% from 30% effective at midnight tonight. one thing we want to note is cnbc has spoken to other people on the equity desk. they say they are not planning to follow the raise of margin on requirements for apple. we want to note that core clearing will issue a statement on this later. back to you. >> all right. thank you very much, mary thompson. still ahead, live coverage of president obama's remarks on the fiscal cliff before the business roundtable. can the president convince corporate america that he's

, if republicans do not agree to that, is the administration prepared to go over the fiscal cliff? >> absolutely. again, there's no prospect to an agreement that doesn't involve the rates going up on the top 2%. >> "the new york times" reports that senior republican leadership aides are contemplating a fall-back position on a fiscal deal. they could foresee taking up and passing legislation this month to extend the tax cuts for the middle class and then resume the bitter fight over spending and taxes as the nation approaches the next hard deadline. it's statutory borrowingç limi which could be reached in late january or february. speaking to a business roundtable, president obama responded to that idea this way. >> if congress in any way suggests that they're going to tie negotiations to debt ceiling votes and take us to the brink of default once again, as part of a budget negotiation, which by the way we have never done in our history until we did this it last year, i will not play that game. >> john boehner and house republican leadership met with small business owners today to talk about the fiscal cliff, raising tax rates on the richest americans for them is still off

to talk about the fiscal cliff, raising tax rates on the richest americans for them is still off the table. >> the revenues on the table are coming from, guess who? the rich. there are ways to limit deductions, close loopholes, and have the same people pay more of their money to the federal government without raising tax rates, which we believe will harm our economy. if the president doesn't agree with our proposal and our outline, i think he's got an obligation to send one to the congress. a plan that can pass both chambers of congress. >> joining me now is former vermont governor howard dean and msnbc's krystal ball. governor dean, our treasury secretary is a very careful speaker. when asked if they're prepared to go off the cliff, his first word was absolutely. there was nothing, nothing could be more clear that this administration means what they say about getting what they want at this point. >> yeah. the only problem is -- this is a little initially going to team like heresy, the truth is everybody needs to pay more taxes, not just the rich. that's a good start. we won't get ou

borrowing limit. both sides seem to be digging in their heels with no move to avoid the fiscal cliff. fiscal cliff negotiations have been at a stand still since monday when republicans proposed raising revenue by closing tax loopholes not by raising rates own the wealthy as the president has demanded. >> we're not insisting on rates out of spite but rather because we need to raise a certain amount of revenue. >> we can't keep borrowing mown and raising taxes and expect the problem to go away. >> with no solution in sight the white house budget is now ordering the pentagon and other an an jencies to finalize their plan to avoid massive spending cuts. >> secretary of state clinton says nato's decision missiles to turkey sends a clear message that tour ski is backed by its allies. the big concern remains an increasely desperate assad regime will turn to chemical weapons as rebel fighting rages on. the u.s. and its partners are looking to apply additional pressure on at a conference next week. the regime insists they would not use weapons against its people. >> a natural gas tanker arrived in japan today becoming the first vessel to successfully test a new trade route through arctic waters. it opened up due to shrinking ice. it shaved nearly t

from the house speaker on where the fiscal cliff talks stand with 24 days to go. where should you put your money heading into this weekend? could be a very crucial weekend. >>> no worries. with the unemployment rate still near an 8% level, why some companies can't find workers. there's work and it is not a skills gap. we'll show you what else is being factored in to that equation. >>> and no fair, perhaps? well, a big change at big blue. ibm changing the way it pays down its 401(k). will other companies follow suit? tyler mathisen, my partner, who is always fair, always working, and is always a work in progress, according to this, is at new york stock exchange. hi, ty. >> i am the ultimate work in progress. thank you very much. >>> despite the assessment from the speaker of the house on the fiscal cliff, the fact he says there is no progress being made so far, the dow sort of playing past it. right now the industrials up by 46 points at 13,120 and change. apple is part of the nasdaq. apple down $14 a share. another 2.66% today as scott mentioned a moment ago, $50 billion in market value shaved off of apple this week alone. >>> let's begin with those comments just 24 days to go until america confronts t

people are worried about fiscal cliff and sort of reluctant to put money to work. why are you so active? >> it's all about appropriate amounts of leverage. you can't borrow a lot, so you have to have the cash to be able to build. when you have a conservative capital structure and you're buying iconic assets in great cities, i think you'll do very well over time. traditionally, that's been proven in real estate. >> we all know it was a very hotly contested presidential election, and of course your dad, donald, has been on our program a lot. he was a big supporter of romney. there were stories going around that you said, dad, pull it back a bit. you don't have to be so negative on the president. is that what happened? >> it was fascinating because this was a widely circulated report that was without fact at all, and not one reporter actually called and asked the question you just did, which is, is that true? no, it wasn't. my father has been a very important part of the dialogue. he's been saying a lot of things that other people, you know, not wanting to be in a space where they're talki

again made clear there will be no deal to avert the so-called fiscal cliff without the rich paying a higher tax rate. got it? higher rate. in this interview on bloomberg tv, he made it. let's listen. >> the issue right now that's relevant is the acknowledgment that if we're going to raise revenues that are sufficient to balance with the very tough cuts that we've already made and the further reforms in entitlements that i'm prepared to make, that we're going to have to see the rates on the top 2% go up, and we're not going to be able to get a deal without it. >> there you heard it again, top rates have to go up, and rates. and some republicans are saying that the gop will ultimately say uncle. conservative columnist byron york, a very smart guy, wrote, quote, republicans will cave on the question of raising the tax rate for the highest income americans. the only question is whether they do so before or after the government goes over the so-called fiscal cliff. "new york times" columnist david brooks describes it this way. republicans will be raising middle class taxes in order to serve the rich. shafting

, welcome, as always. i want to ask you about the fiscal cliff, the state of play. there's revenues on the table. there's tax rate increases on the table. i don't know if there's spending on the table. what's your thinking prigt now? >> that it's a really, really bad idea to raise taxes. if you want your economy to grow, you should do the opposite. we have to cut taxes. that's how i'd fix the economy. leave more money in the private sector. the president is adamant about raising taxes and he's dead wrong. >> there are some people saying we need a deal to avoid a huge tax increase but year end that would throw us into recession. just a thought, would you compromise in terms of let's say a smaller tax rate increase -- let's say the top rate goes to 37% instead of 40%, maybe the threshold goads es to $500,000 $750,000 rather than $250,000? does that interest you? >> no. but what about means testing for entitlement. why don't we say the rich get less social security and they pay more for their medicare? it meets the president's animus that we must get more money out of the rich. let's just send less money to the rich. i'm also

thing in the long run? going off that fiscal cliff. to this point most of the conversation has been focused on what happens in january, and for good reason. there's no deal in congress. tax rates go up for a lot of folks, all americans. and a $1.2 trillion worth of defense and spending cuts will be automatically enacted. excuse me, that fiscal cough i told you about. the alternative minimum tax kicks in and put it all together and the results are pretty. the economy would contract by half a percent in 2013. unemployment would raise to 9.1% and the economy would experience what cbo said would be judged as a recession. but after that, then things start to look pretty good. the cbo says after next year by the agency's estimates economic growth will pick up. the labor market will strengthen returning output to its potential level. 5.5% by 2018. essentially if no deal is struck, the federal government would be forced to do what it's refused to do willingly, make dramatic changes in taxes and spending. if those changes happen automatically, the cbo estimates it would have a positive long-term impact. by comparison, it says current law is kept in place, output and income would be lower

prepared to go over the fiscal cliff? >> oh, absolutely. again we see there's no agreement that done involve those rates going up on the top 2% of the wealthiest. remember it's only 2%. >> former senator alan simpson, co-founder of the fix the debt campaign, choice words and analysis for would-be cliff jumpers. >> when you have leaders of parties and people from the administration saying, i think it will be to the advantage of the democrats to go off the cliff, wealthy it will be advantage to the republicans to go off the cliff or the president to go off the cliff, that's like betting your country. there's stupidity involved in that. this is big-time stuff. >> surprising exactly no one, senator mitch mcconnell took to the senate floor yesterday to blast the administration strategy as a campaign maneuver. >> incredibly, many top democrats, including the president, seem perfectly happy, perfectly happy, to go off the cliff. >> but in a new quinnipiac poll out today, the american public gives the democrats the benefit of the doubt by a margin of 18 points, americans trust the president and democrats to avoid the

special dividends as early chris presents in advance of the tax hikes coming in the fiscal cliff. so we have booz allen already downgrade. costco downgraded by fitch. brown foreman was slapped around by s&p with a downgrade. carnival got hit with a credit negative rating from moody's so on and on and on. here's the deal. we're seeing 173 companies issuing dividends. this is and indicator taxes could be go up. 2 1/2 times the rate we saw of companies issuing special dividends in 2010 when bush rates were threatened to be revoked back then including dividends. interesting part of the story executives who championed fair share, americans should sacrifice like the cofounder of costco, jim senegal is getting a special dividend and saving $4 million in taxes along with the rest of the board. the board overall is saving eight million bucks on early $29 million payout. the 1%, corporate insiders who see the cash on the balance sheet, see the tax hikes coming are saying you know what? give me the special dividend now so we don't have to pay increased tax. >> costco hitting a all-time, 52-week high today. >> that's right. sandra: thanks very much, liz macdonald. david: today is the anniversary of the first text. find out just how long ago the first text actually wen

over this fiscal cliff. >> crazy? betting the country? well, according to the congressional budget office, bowles has a good reason for saying what he did. the economy would go into a recession, economic output would drop and unemployment rate would go back up to 9.1% by the end of next year. now, the clock is ticking. john and harry, get out of the sand box. 33 days are left. peter difazio of oregon is "outfront" tonight. let me just get a response from you about timothy geithner's plan that he put on the table. 1.6 trillion in revenue. $400 billion in cuts. i'm a little confused because the president said he will give $2.50 in spending cuts for every dollar in revenue. this is, this is the opposite. >> well, finally, the white house has learned not to negotiate with itself, but with the opposition, which is the republicans. remember, there is no real cliff. on january 1st, the only thing that goes away is the social security tax holiday and nobody is seriously talking about continuing that. all the other tax increases don't take place until sometime around march. gives congress plenty of time to rekrit them, but that's $4 trillion of additional revenues. so okay, we're going to cut that more than in half. that will probably mea

middle class or poor. we were talking about the so-called fiscal cliff, if that happens, automatically taxes are going to go up for everyone. maybe, then, someone would ask, who was it that said we shouldn't just pass the tax cuts to make certain that the working poor and the middle class get it, who stopped us and who pushed us over the cliff. it won't be the democratic minority in the house of representatives. >>eric: always good to talk to you congressman rangel. good to see you, sir. paying for complaining is the wrath a restaurant chain is facing for speaking out on the president's health care law going to hush others up? not if herman cain has his say. he is next. you won't take my life. you won't take our future. aids affects us all. even babies. chevron is working to stop mother-to-child transmission. our employees and their families are part of the fight. and we're winning. at chevron nigeria, we haven't had a reported case in 12ears. aids is strong. aids is strong. but we are stronger. and aids... ♪ aids is going to lose. aids is going to lose. ♪ tdd#: 1-800-345-2550 at s

lynchburg college crunched the numbers and found if the nation goes over the fiscal cliff, high income californians would beat out new yorkers and hawaiians for the potential highest tax rate at nearly 52%. >>> forbes is out with the 2012 most powerful people list. president obama held on to the top spot for a second year. the pope climbed two notches from last year. he is in fifth place. facebook's ceo mark zuckerburg went to number 25. former president clinton held on to number 50. and tonight be sure to watch brian williams sit down with tim cook. by the way, he's number 35 on the forbes list. >> finally, no, this is no joke. pizza hut in canada sent more than 100 bottles of pizza cented perfume to facebook fans. the fragrance boasts freshly baked hand tossed dough. >>> some optimistic news in the fight against breast cancer. women who took the common estrogen blocking drug tamoxofin cut the chance of getting breast cancer in half. >>> coming up, corey booker lives on food stamps. the nfl steps in with a million dollars for jovan belcher's orphan daughter and high resolution images of your planet earth from space. the new technology uses filtering techniques that allows th

do not agree to that, is the administration prepared to go over the fiscal cliff? >> absolutely. again, there's no prospect to an agreement that doesn't involve those rates going up on the top 2% of the wealthiest americans. it's only 2%. >> dr. krueger, as the man who is maybe more than anyone the steward of the economy itself, are you okay with that? >> absolutely. the president made clear during the election that he wants a balanced approach, that we can't afford the tax cuts for the most fortunate among us. that the way to provide opportunity and build the middle class in this country is to get on a fiscally sustainable path and to ask wealthiest to pay a little bit more. president couldn't have been clearer about that. >> at cnbc we have a campaign called rise above. and the essence of rise above campaign is there should be more spirit of compromise. there was no compromise from treasury secretary geithner in that interview. would you wear a rise above pin and would you rise above? >> i think the secretary, the president, have drawn very few red lines here. the president has made it clear that he's not going to sign the extension of the bush tax cuts for

president has adopted a strategy to slow walk our economy right to the edge of the fiscal cliff. instead of reforming the tax code, the president wants to raise tax rates. even if the president that the tax rate hike that he wanted, understand that we will continue to see trillion dollar deficits for as far as the eye can see. washington has a spending3 problem, not a revenue problem. if the president does not agree with our proposal, i believe he has an obligation to families and small businesses to offer a plan of his own. we are ready and eager to talk to the president about such plan. >> you did speak with the president earlier this week, can you characterize that call. also, it has to be increases in rates for the wealthy or no deal. >> the phone call was pleasant, but more of the same. it is time for the president to be serious and come back with a counter offer. [inaudible question] >> the risk the president wants us to take, increasing tax rates will hit many small businesses that produce 60-70% of the new jobs in our country. that is the whole issue. [inaudible question] >> i think that is reckless talk. [inaudible question] >> listen, raising taxes

conversation on the so-called fiscal cliff. the debt reducing tax hikes and federal spending cuts coming january 1st unless congress and the president act. so now both sides have offers on the table, the democrats' plan which would focus debt reduction on higher tax rates for the wealthiest 2%. house republicans, they anted up yesterday with a plan to cut the debt through tax code and spending reforms, not through higher tax rates for the wealthy. if there is no agreement, you know the deal, everyone, everyone's taxes go up. representative tom price of georgia joins me now from capitol hill. he is a hard line republican. congressman, good to see you. thanks for coming on. >> yes, thank you so much. good to be with you. >> the republican plan published yesterday, it is note worthry, congressman price, it would raise more money through the tax system this and is a pretty big departure for your republican party. i just want to know, do you support this proposal put forward by the speaker of the house? >> well, this proposal is just part of the overall package. remember, this doesn't touch o

much indeed. >> the so the president has made it very, very clear, drawn a line, no fiscal cliff deal without higher tax rates for the highest earningers, tax rates have got to go up. question, what will speaker boehner have to say about that? his reaction will be new at ten this morning. mark stein is going to be here as well and he'll join us to explore that and more. we have an oil and mining deal to tell, but. freeport mcmoran and copper and gold will have exploration and two separate deals for 9 billion in cash and stock. i'm not quite sure what all of that means. just tell me the stock price, nicole. >> it means big moves for these two stocks here. freeport mcmoran is now down over 15%, but when you look at plains exploration and production, a big mover to the upside and that's up 23. stuart: i'm trying to get this. freeport mcmoran, they're the ones that are doing the buying and plains exploration are the people who are being bought. so the people who are being bought go up because they're paying a high price and the people who are paying the money out are going down. have i got that roughly right? >> that

president until the fiscal cliff is avoided. unlikely, but a reflection of voter frustration as both sides dig in. the white house demanding higher tax rates for the top two tax brackets and republicans refusing. after refusing the proposal last week, house republicans offered an outline for $2.2 trillion in deficit reduction mostly through spending cuts, and while president obama would not answer questions about the counterproposal -- >> no deal better than a bad deal, sir? >> thank you. >> reporter: -- a senior white house official assailed it as a step backwards saying if republicans do not agree to some higher rates for wealthier taxpayers, the nation will go over the cliff and the american people will hold the republicans responsible. wall street remains optimistic a deal will be struck, so the lack of progress has not yet resulted in a market plunge, but some economists estimate that because of the uncertainty posed by the fiscal cliff, at least 200,000 fewer jobs have been created this year. and, diane, the official deadline for the fiscal cliff is december 31st at midnight when the ball drops in times square, but there's actually anoth

to do is to avoid the fiscal cliff, have a down payments of both spending reductions and effective tax rate increases geared towards the well off. all right? we need to defer most of the major spending reductions and tax rate increases until a date later than 2013. couple that with a deferral of the debt ceiling limit to the same date so that we can achieve a grand bargain in 2013, which will be budget control, comprehensive tax reform, social insurance reforms, those types of things. we have to be realistic about what can be achieved before the end of the year and we have to build to achieving a grand bargain in 2013. >> steve, last year, we know how close everyone got and we also know that the president commission has been involved in all those people to come to a fix for our long-term problems. now, they came up with 28% as a tax rate. they came up with three to one in terms of spending cuts. the president is nowhere near embracing that at this point. we're so far from that at this point that it seems like the opportunity was mittsed last year. >> right now, the president's plan is at two to one.

on twitter. john, thanks very much. >>> one of the overhangs for the fiscal cliff for investors is what will happen on dividend tax rates. more and more corporations aren't waiting to find out exactly what happens with more than $22.5 billion worth of special difficult sends having been announced from 98 companies in the fourth quarter so far. today, hca, dish network, cato joining the list. jim iuorio is a cnbc contributor. >> i've been looking at this from every ang toll fiangle to find a tradable sort of angle. here's the one possibility that i have. even regular dividend payers sometimes when the x difficult tend date comes they adjust to the downside more so than the dividend even was. to me it seems like it is almost worth being short these special dividend payers into the x dividend day. i'm not because it seems dangerous to me. >> jim, we'll be back with you shortly. >>> now to bertha coombs with a "market flash." >> watching shares of aol. the "wall street journal" naming some unnamed sources say that its chief marketing officer will be parting ways with the company. what's interesting, she was just named to that pos

predz. >> with now break through today and the fiscal cliff negotiations, is this a starting point? "outfront" republican congressman james langford of oklahoma, incoming chairman of the republican policy committee, the fifth ranking position in the house gop leadership. good to see you, sir. appreciate you taking the time. what about this idea of raising taxes on everyone? the math actually in this case is much more promising. it works much better. >> right. i heard your lead-in on it, and you said this is a new idea floated by howard dean. ints a new idea. several democrats have floated that a while. the code word is going back to the clinton tax rates and talk about the clinton economy and we should go back to the clinton tax rates. what that means is all tax rates on all americans go back up because the tax rates were brought down in 2001 and 2003. so it's not new, and no, i don't support that. i don't think that's a great idea at all. it will slow down the economy. >> all right. the truth is when you look at economists' evaluations, it will slow down the economy right now. rai

an ally. >>> in raw politics, with the country one day closer to the fiscal cliff, president obama took his case to the public today. he used an event in pennsylvania to rachet up the pressure on republicans to freeze taxes for the middle class while allowing the tax rates on the wealthy to go up. >> if congress does nothing, every family in america will see their income taxes automatically go up on january 1st. that's sort of like the lump of coal you get for christmas. that's a scrooge christmas. >> hm. in other words, the day after the white house puts its opening bid on the table, the president comes out swinging. that opening bid didn't have a whole lot of concessions in it to the republicans, and the republicans reacted as many would have predicted. they were mad. basically saying that offer was an insult. today, house speaker john boehner doubled down. >> it was not a serious proposal. and so right now, we're almost nowhere. >> that doesn't sound good. republican congressman lee terry of nebraska was just as succinct but how shall i say this? more colorful. he told the omaha world herald we're screwed either way. we really have no leverage in these discussions. representative terry has said he is open to a deal that includes some new tax revenues. h

fiscal cliff than they are about rates going up a couple of points. congressman thomas rooney of florida said, "if there are truly real entitlement reforms that are going to be preserve social security and medicare for generations to come, it's going to be difficult for me to oppose higher rates for the rich." president obama and speaker boehner spoke by phone yesterday for the first time in a week. white house press secretary jay carney i find very interesting refused to characterize the conversation. let's bring in congressman chris van hollen of maryland tonight. good to have you with us. >> always good to when with you. >> you bet. are democrats united on this rate issue? we keep hearing it. now that boehner is starting to move a little bit and say that the money is going to come from the wealthy, yet he hasn't identified these reductions, where do democrats stand on rates? is that the bottom line? the rates have to go up? >> the rates have to two up, ed. it's a matter of simple math, as the president has said. which is why in the house of representatives the democrats filed

the fiscal cliff? >> oh, absolutely. again, there is no prospect to an agreement that doesn't involve those rates going up on the top 2% of the wealthiest. >> and that is the important phrase there, prepared to go off the cliff if there is no agreement on raising those rates. we're going to get to that in a minute. utah republican senator orrin hatch fired back and said, quote this, is one of the most stunning and irresponsible statements i've heard in some time. the american people want us to find a reasonable path forward not to rattle our sabers and play this dangerous game. of course, both sides are playing games. they are rattling their sabers. house members streamed out of the capitol and headed out of town wednesday after canceling today's session. they insist nothing will get done until the president makes a counteroffer to what they say is their full fledged proposal for monday. >> the revenues we're putting on the table are going to come from, guess who? the rich. there are ways to limit deductions, close loopholes, and have the same people pay more of their money to the federal government wi

: the republicans submit their fiscal cliff solution. now, that plan put out by speaker boehner, includes 800 billion dollars in extra tax revenues and that would come from limiting deductions and not from higher tax rates. and there would also be 1.2 trillion dollars worth of spending cuts and the white house immediately dismissed that plan, saying, the lower tax rates for the rich and quote, fix the middle class with a bill. again, we come back to this. the main sticking point is the tax rate issue. the president insists more revenue comes from higher rates, not deduction limits. -pit's a standoff and it contins less than four weeks to go until the deadline. be careful what you say in a local police want a law, new law requiring that text messages be saved for two years. how do you feel about that? ever texted something you wish would go away right now? there is of course the privacy issue as well. well, here comes the judge. he will be new at 10 on this one. got it. shares of darden restaurants, they're down today and they're the company that runs olive garden, red lobster, and they're down a lot. why is that, nicole? >> this is not good news here, they did a ton of promotions and now they're saying the p

the fiscal cliff. their plan, $2.2 trillion deficit savings over the next decade, but it does not include higher tax rates for the wealthy. the house speaker john boehner calls it a credible plan that deserves serious consideration by the white house. guess what? the white house released a statement tonight saying the plan is nothing new, that it lowers rates for the wealthy and sticks the middle class with the bill. so to borrow a phrase, we're nowhere. period. david walker is president and ceo of comeback america initiative. he's made it his mission to promote fiscal responsibility. he joins us along with cnn political analyst, david gergen. david walker, let me start with you. the house republicans put forward their counter proposal. speaker boehner says it's credible and the white house should consider it. is it credible or is it more of what you have called the irresponsible unethical immoral behavior of all the politicians here in washington? >> i think both sides are now putting things on the table but i think they're confused. what we have to do in the short term is avoid the fiscal cliff. the major d

willing to absorb tax hike if there's the end all, be all to not go over the fiscal cliff? keeping that in mind, would that wreck havoc in the business community? >> yeah. i can't speak for all business leaders but generally speaking a tax hike, a rate increase is not good for the economy especially at this time. this process is very disappointing. after everything we have been through and after the cam pin and the election, it seems like it's still a same tactical political poker it's always been. and the problem here is the world is watching. and it's almost like our system is being tested. can these guys still -- can these folks, these people, the congress, can the system still solve problems? >> we're -- the system is being tested by the very people who are -- which is odd. >> i know. >> they don't have to test it. they don't have to test the system. they can come to agreement without testing the system or that close. >> they should be able to. right, right. what i'd want to do is a spirit of, boy, get this done and forget parties. think of the nation. >> yeah. >> you don't see that. now, what speaker boehner said is he's got a point. we talked about a balanced approach. republicans are saying let's do revenues and let's count up the num

what he said, listen. >> if is the administration prepared too go over the fiscal cliff. >> absolutely. there is no prospect to an agreement that doesn't involve those rates going up on the top 2% of the wealthist, remember it's only 2%. >> he did not blink. that is the treasury secretary. do they talk like that? >> it's really unique. this treasury secretary is very loyal to this president, treasury secretaries are, but he is saying essentially that the tax rates going up are essential, that the money is not essential, that the dollar figure is not essential, that the rates going up are essential, and that's just interesting. going over the cliff comes with a lot of -- a lot of things that could affect the economy and the treasury secretary knows that. bill: 10% unemployment. tax rates for everybody going higher. what are you hearing on the house side? among the house republicans, whether or not they are behind the speaker, whether they are pulling away from him, where does that stand do you believe? >> reporter: you know, there are some on the house side that have a lot of concerns about the tax rates and that the speaker may cave. but you're starting to see